Plant-based co-manufacturer Plant & Bean has appointed administrators.
The UK meat-alternatives company has experienced “significant inflation” across its cost base, primarily increases in food and energy prices, according to a statement from Interpath Advisory, the company handling Plant & Bean’s administration.
Interpath also stated the business suffered from operational issues which resulted in periodic interruptions to production.
Around 25 employees have stayed at the plant-based company to continue day-to-day operations, following the appointment of James Clark and Howard Smith from Interpath.
The plant-based group is carrying out limited trading while the administrators explore options for the sale of the business and its assets.
Founded in 2019 and based in Lincolnshire, Plant & Bean is a food manufacturing business that operates in the alternative protein sector, manufacturing for the likes of Quorn, Princes and Wicked Kitchen.
James Clark, managing director at Interpath Advisory and joint administrator, said: “Businesses across the food and drink sector, and especially those in highly competitive sub-sectors such as alternative protein, are facing immense pressures at the moment, with rising costs impacting profitability.”
He added: “Over the coming days, we will be working with key stakeholders to explore the possibility of a sale of the business.”
Plant & Bean opened the Boston, Lincolnshire facility in 2020 and labelled it “Europe’s largest production facility”. The facility has a production capacity of 55,000 tonnes.
In the company’s annual results ended 30 December 2021, Plant & Bean owed its creditors more than £9m (£11.2m) and took out a bank loan of around £2m.
Elsewhere in the UK food industry, it has emerged UK ready-meal manufacturer Oscar Mayer has been taken over by debt providers Pemberton Asset Management as it attempts to “restore profitability”.
